No one prints bitcoin in the same way that regular national currency is printed.
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Whereas a bank can simply produce more money to cover the national debt, thus devaluing their currency and causing inflation. Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are “mined” using computing power in a distributed network. This “mining” is the method of processing and securing each transaction – locking them into the “blockchain” ledger.
Miners earn bitcoin as rewards for using their computing power when they verify transactions and solve the complex mathematical formulas associated – this now requires quite significant and growing! There’s a limit to how many bitcoin will be created The Bitcoin protocol – the code and mathematical rules that bitcoin is based on state that there will only ever be 21 million bitcoins created by miners.
This finite number means that bitcoin is deflationary rather than inflationary like all other national currencies; i.
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However with bitcoin, only 21 million can ever be created, so the currency is deflationary -as it becomes used more and more in demand, the price will rise as there is a fixed, definite, limited supply. Now 21 million might not sound like enough if it is really to be adopted and used as a worldwide currency and accepted in all online shopping.
Breaking down a bitcoin bits and satoshis This is where things start to get really interesting: Understanding the make-up of a bitcoin will help you to see just how valuable the thousands of bits that you can get for free TODAY really could be in the future.
Each bitcoin can be divided down into 8 decimal places – so each bitcoin contains million units, each called a ‘Satoshi’, named after the mysterious founder of bitcoin Satoshi Nakamoto – here 1 satoshi is represented: There are 1 million bits in every bitcoin – this takes the decimal placing to only 6 spaces out of the available 8, leaving 2x 00s left over on the end, which will be used as decimals. Here one bit is represented: We are simply used to thinking in whole numbers, so rather than thinking of the price of something being 0.
Looking at bitcoin like this makes it much easier and more realistic to see how it will be used and how it really can go mainstream right! If you did this 4 years ago The THOUSANDS of “bits” you are getting for free right now will have real value in the future – the thought of needing to acquire a whole bitcoin will be laughable, it is the decimals, the bits which will be used.
It is right now which is the critical time to invest in, or get involved in bitcoin – or get a LOT of bits for free, while you still can!
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Especially because you can do so for 30 minutes in your lunch hour instead of playing flash games, or even on your smart-phone as you sit on the toilet! Imagine 10 years from now when bitcoin really is adopted and used in the mainstream, being able to say to people you madebits while sitting on the toilet back in Follow the 3 steps below and signup for the 3 free bitcoin wallet services they also happen to be the largest companies, and the SAFEST to store your bitcoin.
They are also THE safest online wallet. Coinbase The USA’s largest and most trusted exchange: This goes deeper and offers more layers of encryption and authentication – especially when you come to move or withdraw your bitcoin.
There are many sources to get your wallet from but we recommend these 3, they are the SAFEST and most trusted, and of course, they offer free bitcoin when you join: Faucets list — Claim 5. We hope you have enjoyed this guide, hope you have a lot of fun along the way learning about bitcoin – and hope you can get involved and make an investment that might just change your life in the future when the investment and adoption into bitcoin really starts to come into fruition in the years to come!.